The introduction of a European Commission directive a little over three months ago opened Europe’s stock exchanges to competition for the first time, prompting heightened interest from possible challengers. But more forward-thinking brokers are turning their attention to the growing Asian markets.

The markets in financial instruments directive has seemingly had little effect on Europe’s main stock exchanges since its November 1 launch, with the London Stock Exchange, NYSE Euronext’s European business and German exchange Deutsche Börse reporting record trading activity last month, but the threat they face is real.